SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15 (d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 10, 2003
GSE Systems, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-26494 52-1868008
--------------------------- --------------- ---------------------------
(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
9189 Red Branch Road, Columbia, MD 21045
------------------------------------------------- -----------
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (410) 772-3500
-------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
Item 5. Other Events
GSE announced today that it will report a net loss for the quarter ending
December 31, 2002 and for the year. The Company plans to release actual year-end
results on or about March 30, 2003. The loss is due to several factors including
order delays in the Power Simulation business, an adjustment to the Company's
deferred tax valuation allowance, and a write-down of the Company's investment
in Avantium International BV. The Company's Process Automation business was
profitable for the year despite tough economic conditions in its customer base.
The Company's Power Business has received over $11M in delayed orders between
December 2002 and February 2003, and entered 2003 with a very healthy backlog of
projects, 74% higher than the beginning of 2002. The Company further expects
most of the other delayed Power Simulation orders to be received by the end of
the first quarter of 2003.